Truist Financial Corp Has $6.34 Million Stake in Simon Property Group, Inc. $SPG

Truist Financial Corp grew its holdings in shares of Simon Property Group, Inc. (NYSE:SPG) by 3.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 39,433 shares of the real estate investment trust’s stock after acquiring an additional 1,157 shares during the period. Truist Financial Corp’s holdings in Simon Property Group were worth $6,339,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Janney Montgomery Scott LLC grew its stake in Simon Property Group by 87.5% during the second quarter. Janney Montgomery Scott LLC now owns 131,791 shares of the real estate investment trust’s stock worth $21,187,000 after purchasing an additional 61,505 shares during the period. Venture Visionary Partners LLC boosted its holdings in shares of Simon Property Group by 2.6% during the 2nd quarter. Venture Visionary Partners LLC now owns 22,005 shares of the real estate investment trust’s stock worth $3,538,000 after buying an additional 559 shares in the last quarter. Sound Income Strategies LLC grew its position in shares of Simon Property Group by 6.3% during the 2nd quarter. Sound Income Strategies LLC now owns 118,621 shares of the real estate investment trust’s stock worth $19,070,000 after buying an additional 7,005 shares during the period. Fort Washington Investment Advisors Inc. OH increased its stake in shares of Simon Property Group by 1.1% in the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 192,295 shares of the real estate investment trust’s stock valued at $30,913,000 after acquiring an additional 2,150 shares in the last quarter. Finally, Charles Schwab Trust Co bought a new stake in shares of Simon Property Group in the 2nd quarter valued at $384,000. 93.01% of the stock is owned by institutional investors.

Simon Property Group Price Performance

Shares of NYSE:SPG opened at $179.34 on Tuesday. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 9.05. The stock has a market cap of $58.55 billion, a PE ratio of 27.72, a price-to-earnings-growth ratio of 11.22 and a beta of 1.50. The stock’s fifty day simple moving average is $177.06 and its two-hundred day simple moving average is $165.63. Simon Property Group, Inc. has a 1-year low of $136.34 and a 1-year high of $190.13.

Simon Property Group (NYSE:SPG) last announced its earnings results on Monday, August 4th. The real estate investment trust reported $3.05 EPS for the quarter, beating the consensus estimate of $3.04 by $0.01. Simon Property Group had a net margin of 36.78% and a return on equity of 72.38%. The company had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the company posted $2.90 earnings per share. The firm’s revenue for the quarter was up 13.9% on a year-over-year basis. Simon Property Group has set its FY 2025 guidance at 12.450-12.650 EPS. As a group, analysts forecast that Simon Property Group, Inc. will post 12.54 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th were paid a $2.15 dividend. This represents a $8.60 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date was Tuesday, September 9th. This is a boost from Simon Property Group’s previous quarterly dividend of $2.10. Simon Property Group’s dividend payout ratio (DPR) is presently 132.92%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on SPG shares. Morgan Stanley increased their target price on shares of Simon Property Group from $170.00 to $180.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 11th. Evercore ISI reissued an “in-line” rating and set a $187.00 price objective (up previously from $183.00) on shares of Simon Property Group in a research report on Monday, September 15th. Stifel Nicolaus lowered Simon Property Group from a “buy” rating to a “hold” rating and set a $179.00 target price for the company. in a research report on Tuesday, September 2nd. Barclays increased their price target on Simon Property Group from $170.00 to $180.00 and gave the stock an “equal weight” rating in a report on Monday. Finally, Truist Financial raised their price objective on Simon Property Group from $168.00 to $169.00 and gave the company a “hold” rating in a research note on Monday, August 25th. Five investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $187.23.

Insider Buying and Selling

In other Simon Property Group news, Director Daniel C. Smith acquired 335 shares of the business’s stock in a transaction on Tuesday, September 30th. The shares were acquired at an average price of $185.95 per share, with a total value of $62,293.25. Following the completion of the transaction, the director owned 32,333 shares in the company, valued at approximately $6,012,321.35. This trade represents a 1.05% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Larry C. Glasscock acquired 351 shares of Simon Property Group stock in a transaction on Tuesday, September 30th. The stock was acquired at an average price of $185.95 per share, with a total value of $65,268.45. Following the purchase, the director directly owned 43,536 shares in the company, valued at approximately $8,095,519.20. This trade represents a 0.81% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 2,163 shares of company stock valued at $401,605 over the last quarter. Corporate insiders own 8.66% of the company’s stock.

Simon Property Group Company Profile

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.